Bahrain Seef's operating profit up 9.7pc

17/03/2016 07:17 AST

Seef, a leading integrated development company in Bahrain, has registered a 9.7 per cent growth in its operating profit which soared to BD12.69 million ($33.4 million) in 2015 from the previous year's BD11.56 million ($30.4 million).

The consolidated net profit after considering the valuation gain was BD9.84 million compared to BD10.82 million the previous year, said senior officials at the company's annual general meeting held on Wednesday.

Speaking at the meeting, Seef vice chairman Sager Shaheen said: "We are currently in the final stages of evaluating a number of investment opportunities and we aim to announce the commencement of the projects during 2016."

"Overall, we are happy to report yet another profitable year. Revenues across all segments have increased during the year which resulted in an increase in the overall operating profit," Shaheen told the shareholders.

He pointed out that the group had been able to transform Seef quite dramatically since its inception.

"Today we have a much stronger brand, a more diversified portfolio and have increased the total Gross Lettable Area. Overall, this has resulted in a much stronger capital base with a higher level and quality of earnings,” stated Shaheen.

“As witnessed by the company's overall record result, 2015 was a year which proved that through the consistent hard work we can continue to reach new heights. The industry has now come to recognize the Seef brand as a market leader," he added.

Impressed by the results, Seef has endorsed the recommendation of its board for distribution of cash dividends worth BD5.52 million ($14.5 million) to the shareholders.

On the group's long-term strategy, Shaheen said: "We will focus on growth by expanding and diversifying our portfolio to leverage our competitive strengths and maximise economies of scale. Despite the challenges and economic outlook, we are continuously looking for valuable investment opportunities."

This stems from our belief; that during challenges opportunities arise,” he added.

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